Service-Based Clause Samples
A Service-Based clause defines the terms and conditions under which specific services are provided by one party to another. Typically, this clause outlines the scope of services, performance standards, timelines, and any deliverables expected from the service provider. For example, it may specify that IT support, consulting, or maintenance services will be rendered according to agreed schedules and quality benchmarks. The core function of this clause is to set clear expectations and responsibilities regarding the services, thereby minimizing misunderstandings and ensuring both parties are aligned on what is to be delivered.
Service-Based. Subject to the Participant’s continued Employment as of such dates (except as otherwise provided herein with respect to death, Disability, Retirement or Change in Control), the Option shall vest and become exercisable with respect to twenty-five percent (25%) of the Shares initially covered by the Option on each of the first, second, third and fourth anniversaries of the Grant Date.
Service-Based. Subject to the Grantee’s continued Employment with the Company or its Affiliates as of such dates (except as otherwise provided herein with respect to death, Disability, Retirement or a Change in Control), the RSUs, together with any dividend equivalents credited pursuant to Section 7(b) below, shall Vest with respect to thirty-three and one-third percent (33 1/3%) of the Shares covered by the Award on each of the first (the “First Vesting Date”), second (the “Second Vesting Date”), and third (the “Third Vesting Date”) anniversaries of the Grant Date (each, a “Vesting Date”).
Service-Based. Subject to the Participant’s continued Employment with the Company or its Affiliates as of such dates (except as otherwise provided herein with respect to death, Disability, Retirement with Committee approval or Change in Control), the Restricted Stock, together with any Shares issued as a result of the investment of dividends attributable to the Restricted Stock pursuant to Section 3(f), shall Vest with respect to thirty-three and one-third percent (33 1/3%) of the Shares covered by the Award on each of the first, second, and third anniversaries of the Grant Date.
Service-Based. Subject to the Grantee’s continued Employment with the Company or its Affiliates as of such dates (except as otherwise provided herein with respect to death, Disability, Retirement, Change in Control, termination without Cause, or resignation for Good Reason), the RSUs, together with any dividend equivalents credited pursuant to Section 7(b) below, shall Vest with respect to one hundred percent (100%) of the Shares covered by the Award on the third anniversary of the Grant Date (the “Vesting Date”).